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Operating Budget, Comprehensive Analysis OBJECTIVE 1 2 3 4 Allison Manufacturing produces a subassembly used in the production of jet aircraft engines. The assembly is sold to engine manufacturers and aircraft maintenance facilities. Projected sales in units for the coming five months follow: The following data pertain to production policies and manufacturing specifications followed by Allison Manufacturing: 1. Finished goods inventory on January 1 is , each costing . The desired ending inventory for each month is of the next month's sales. 2. The data on materials used are as follows: Inventory policy dictates that sufficient materials be on hand at the end of the month to produce of the next month's production needs. This is exactly the amount of material on hand on December 31 of the prior year. 3. The direct labor used per unit of output is three hours. The average direct labor cost per hour is . 4. Overhead each month is estimated using a flexible budget formula. (Note: Activity is measured in direct labor hours.) 5. Monthly selling and administrative expenses are also estimated using a flexible budgeting formula. (Note: Activity is measured in units sold.) 6. 7. The unit selling price of the subassembly is . All sales and purchases are for cash. The cash balance on January 1 equals . The firm requires a minimum ending balance of . If the firm develops a cash shortage by the end of the month, sufficient cash is borrowed to cover the shortage. Any cash borrowed is repaid at the end of the quarter, as is the interest due (cash borrowed at the end of the quarter is repaid at the end of the following quarter). The interest rate is . No money is owed at the beginning of January. Required: 2. 1. 2. 3. 4. 5. 6. 7. 8. 9. Prepare a monthly operating budget for the first quarter with the following schedules. (Note: Assume that there is no change in work-in-process inventories.) Sales budget Production budget Direct materials purchases budget Direct labor budget Overhead budget Selling and administrative expenses budget Ending finished goods inventory budget Cost of goods sold budget Budgeted income statement Answer 10. Cash budget Answer 3. CONCEPTUAL CONNECTION Form a group with two or three other students. Locate a manufacturing plant in your community that has headquarters elsewhere. Interview the controller for the plant regarding the master budgeting process. Ask when the process starts each year, what schedules and budgets are prepared at the plant level, how the controller forecasts the amounts, and how those schedules and budgets fit in with the overall corporate budget. Is the budgetary process participative? Also, find out how budgets are used for performance analysis. Write a summary of the interview